证券日报网讯 1月22日，京新药业发布公告称，2026年1月22日，公司收到中国证券登记结算有限责任 公司深圳分公司出具的《证券过户登记确认书》，公司回购专用证券账户中所持有的712.34万股公司股 票已于2026年1月21日通过非交易过户的方式过户至"浙江京新药业股份有限公司-第四期员工持股计 划"证券账户，首次过户股份数量占公司目前总股本的0.83%，过户价格为12.50元/股。 （文章来源：证券日报） ...

京新药业公告称，2025 年，公司审议通过第四期员工持股计划及回购股份方案。2026 年 1 月 8 日，累 计回购股份4727.1295 万股，占总股本 5.49%，成交金额 60872.22 万元。1 月 21 日，712.34 万股公司股 票通过非交易过户至该计划账户，占总股本 0.83%，过户价格 12.50 元/股。本员工持股计划首次授予部 分认购金额 8904.25 万元，存续期 60 个月，所获股票分三期解锁。该计划与控股股东、已存续员工持 股计划无一致行动关系。 ...

京新药业公告称，2026年1月21日，公司第四期员工持股计划第一次持有人会议召开，215人出席，代表 份额6631.50万份、占总份额74.48%。会议审议通过三项议案。一是设立管理委员会，由3名委员组成。 二是选举陈斌、吴秀艳、张波为委员，陈斌任主任，任期均与员工持股计划存续期一致。三是授权管理 委员会办理与本次员工持股计划相关事宜，包括召集会议、决定份额处置、行使股东权利等。 ...

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江京新药业股份有限公司（以下简称"公司"）第四期员工持股计划第一 次持有人会议于2026年1月21日以现场及通讯表决方式召开。会议由公司董事长 吕钢先生召集和主持，本次会议应出席持有人293人，实际出席持有人共计215 人，代表本员工持股计划份额6,631.50万份、占公司第四期员工持股计划总份额 的74.48%。本次会议的召集、召开和表决程序符合相关法律法规、规范性文件及 公司第四期员工持股计划的有关规定，会议合法有效。会议以记名投票表决方式， 审议通过了以下事项： 证券代码：002020 证券简称：京新药业 公告编号：2026011 浙江京新药业股份有限公司 第四期员工持股计划第一次持有人会议决议公告 一、审议通过《关于<设立浙江京新药业股份有限公司第四期员工持股计划 管理委员会>的议案》 公司第四期员工持股计划设立管理委员会，负责员工持股计划的日常管理。 管理委员会由 3 名委员组成，设管理委员会主任 1 人，管理委员会委员的任期为 员工持股计划的存续期。 表决结果：同意 6,631.50 万份，占出席持 ...

证券代码：002020 证券简称：京新药业 公告编号：2026010 浙江京新药业股份有限公司 第四期员工持股计划首次授予部分非交易过户完成公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江京新药业股份有限公司（以下简称"公司"、"京新药业"）分别于 2025 年 9 月 29 日召开的第八届董事会第十八次会议和 2025 年 10 月 20 日召开的 2025 年第二次临时股东会审议通过了《关于公司<第四期员工持股计划（草案）>及其 摘要的议案》，同意公司实施第四期员工持股计划。具体内容详见公司披露于巨 潮资讯网（www.cninfo.com.cn）上的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，现将公 司第四期员工持股计划（以下简称"本员工持股计划"）的实施进展情况公告如 下： 一、本期员工持股计划的股票来源及数量 本员工持股计划的股票来源为公司回购专用证券账户已回购的京新药业 A 股普通股股票。 公司于 2025 年 1 月 8 日召开的第八届 ...

Group 1: Drivers of Excess Returns from Stock Buybacks - Stock buybacks are positively correlated with the buyback ratio, where higher buyback ratios lead to greater excess returns. The highest excess returns for companies with buyback ratios over 5% are 4.48% and 4.36% for the 5th and 4th groups, respectively, while other groups yield less than 1.5% [1][11] - The valuation logic of "stronger gets stronger" and "undervaluation recovery" exists post-buyback announcement. Companies with low valuation (1st group) show a significant excess return of 7.45%, while the highest and lowest valuation groups yield 3.32% and 2.11% excess returns, respectively, over 90 days post-announcement [1][13] Group 2: Recent Stock Buyback Activities - From January 12 to January 16, 2026, 16 companies with more than 10 institutional ratings announced buybacks, with Salted Fish (盐津铺子) being notable for a buyback ratio exceeding 1%. Proya (珀莱雅) is recommended for its low PE percentile over the past three years [2][17] - Salted Fish efficiently completed its buyback, demonstrating strong confidence in its value, with revenue of 4.427 billion and net profit of 605 million in the first three quarters of 2025. The company is upgrading its distribution channels and enhancing profitability [2][19] - Proya initiated its first buyback on January 15, 2026, repurchasing 230,800 shares with a total plan amounting to 80 million to 150 million. The company reported revenue of 7.098 billion and net profit of 1.026 billion in the first three quarters of 2025, with a gross margin of 73.69% [2][19] Group 3: Yearly Stock Buyback Overview - From January 16, 2025, to January 16, 2026, 28 companies with more than 10 institutional ratings announced buybacks, with notable mentions being Jian Sheng Group (健盛集团) and Jingxin Pharmaceutical (京新药业) for buyback ratios exceeding 5% [3][20] - Jian Sheng Group initiated a buyback plan in October 2025, using 150 million to 300 million in self-funds and loans, with a maximum buyback price of 14.69 per share. The company reported revenue of 1.886 billion and net profit of 309 million in the first three quarters of 2025, with a significant cash flow increase of 72.95% [3][23] - Jingxin Pharmaceutical started its buyback plan in January 2025, planning to use 350 million to 700 million in self-funds for employee stock ownership plans. The company reported revenue of 3.048 billion, a slight decline of 5.0%, and a net profit of 576 million, with a non-recurring net profit growth of 8.92% [3][23]

Investment Rating - The report maintains an "Outperform" rating for several companies, including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, Sichuan Kelun Pharmaceutical, and Jiangsu Nhwa Pharmaceutical [6][7]. Core Insights - The annual J.P. Morgan Healthcare Conference concluded successfully, with positive information from global pharmaceutical companies, including new pipeline disclosures and major deals. The report highlights the high prosperity in the innovative drug sector and recommends continuous investment in innovative drugs and the industry chain [25][26]. - The A-Shares pharmaceutical sector underperformed the market in the third week of January 2026, with the Shanghai Composite Index falling by 0.4% and the SW Pharmaceutical and Biological sector declining by 0.7% [8][27]. - The Hong Kong stock pharmaceutical sector performed in line with the market, while the U.S. pharmaceutical sector underperformed. The Hang Seng Healthcare index increased by 2.4%, and the S&P 500 Healthcare Select Sector decreased by 1.1% [28]. Summary by Sections Section 1: Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the high prosperity of innovative drugs and maintains overweight ratings for key pharmaceutical companies. It also recommends Biopharma/Biotech companies with promising pipelines and volume increases, as well as CXO and upstream companies benefiting from innovation [6][25]. Section 2: A-Shares Pharmaceutical Sector Performance - In the third week of January 2026, the A-Shares pharmaceutical sector's performance was ranked 17th among Shenwan primary industries, with a decline of 0.7%. The medical service sub-sector showed a positive performance of +3.3% [8][12][27]. Section 3: Hong Kong and U.S. Pharmaceutical Sector Performance - The Hong Kong pharmaceutical sector performed similarly to the market, while the U.S. sector underperformed. Notable gainers in the U.S. included MODERNA (+22%) and QUEST DIAGNOSTICS (+9%), while major decliners included BIOGEN (-12%) and BOSTON SCIENTIFIC (-10%) [28].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical sector [6][26]. Core Insights - The report emphasizes the continuous recommendation of innovative pharmaceuticals and medical devices, highlighting the high growth potential in the sector. It maintains "Overweight" ratings for companies such as Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also recommends Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][3]. Summary by Sections 1. Continuous Recommendation of Innovative Pharmaceuticals and Medical Devices - The report highlights the high growth potential of innovative drugs and recommends several companies for investment, including Heng Rui Medicine, Hansoh Pharmaceutical, Sanofi, Kelun Pharmaceutical, and Enhua Pharmaceutical. It also suggests Biopharma/Biotech companies like Kelun Biotech, BeiGene, and others, as well as CXO and upstream pharmaceutical companies [6][7]. 2. A-share Pharmaceutical Sector Performance - In the third week of January 2026, the A-share pharmaceutical sector underperformed the broader market, with the Shanghai Composite Index declining by 0.4% and the SW Pharmaceutical and Biotech index falling by 0.7% [8][11]. 3. Hong Kong and US Market Performance - The Hong Kong pharmaceutical sector performed in line with the market, while the US pharmaceutical sector underperformed. In the same week, the Hang Seng Healthcare index rose by 2.4%, and the S&P 500 healthcare sector fell by 1.1% [19][20].

证券日报网讯 1月15日，京新药业在互动平台回答投资者提问时表示，公司会依据相关法律法规及公司 信披管理制度，做好信息披露工作。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 1月15日，京新药业在互动平台回答投资者提问时表示，公司JX2201美国暂未开展临床试 验，具体进展敬请关注相关公告。 ...